If you’ve been putting off building your New home, your First home or renovating your exiting home, It’s time to put in on the map!
The Federal Government will give eligible Australians $25,000 to build or substantially renovate their homes
The extra $25,000 they’re putting on the table, along with record-low interest rates, means now’s the time to get started.
New homes must be for a principal place of residence with a cap on the combined value of house and land of $750,000.
FIRST HOME BUYERS
If, you qualify for the HomeBuilder grant, you could get even more cash if you’re a first homebuyer.
Why? Because each state and territory has other grants & incentives – like the First Home Owners Grant – that are available for first homeowners and can be added on top of the HomeBuilder grant
Check out here how much you could receive as a First home buyer depending on which State you’re in
The pre-renovation value of the house must not exceed $1.5 million. The $25,000 HomeBuilder scheme is also available for eligible Australians to substantially renovate their homes
Under the new housing scheme, for a renovation to be eligible, it will have to cost between $150,000 and $750,000 – this makes it mainly suitable for projects such as extensions and structural renovations.
The renovation must be “to improve the accessibility, safety and liveability” of the home. It can include things like a kitchen and bathroom renovation.
However, It can’t be for unconnected additions, such as detached sheds, garages, granny flats or for swimming pools, tennis courts or outdoor spas and saunas.
And It must be under the supervision of a registered or licensed builder.
Singles who earned no more than $125,000 the previous financial year and couples who earned up to $200,000 will be eligible for the grants.
The handout will be available for contracts entered into from June 4 until December 31, 2020 and with construction to start a maximum of three months of the contract date.
The HomeBuilder grant requires that all eligible builders be licensed and registered before the Government’s announcement.
The Homebuilder grant will not be available to companies or trusts, those who are not Australian citizens or people under 18 years of age. Owner builders will not be eligible, nor can the scheme be used for investment properties.
For more information, check out the frequently asked questions fact sheet for HomeBuilder here
So if you have been slaving away try to put a deposit together this is the perfect opportunity to get that leg up and get your project underway.
It’s time to start talking to your builder or look for that House & Land package.
It’s also time to check that you qualify for finance or get your pre-approval in place
You can do that easily online by clicking here or don’t hesitate to contact us on 1300 855 244 if you have any questions
#LetsBuildYourFuture … Let’s Go!